Debts on taxable (real estate) assets are deductible from the value of these assets for IFI purposes. However, this deductibility is excluded by law if the debts are not related to taxable real estate assets. This is the case, for example, for debts incurred to maintain the family’s lifestyle, to acquire non-taxable assets (such as a business) or exempt assets (such as premises used by a taxpayer for professional purposes).
IFI
How should Canadian trust assets be taxed?
For several years now, the French tax authorities have been looking into a number of cases of potential tax fraud involving large French fortunes. They are said to have used Canadian trusts, via the Blue Bridge wealth management company, to evade French wealth tax. However, in ruling no. 21/10189 of February 6, 2023, the Paris Court of Appeal held that the assets of a Canadian trust were only taxable in Canada and not in France, thus ruling out the possibility of tax fraud. Explanations.
The fight against money laundering: a system with room for improvement
In its report on developments in France’s anti-money laundering system between 2012 and 2022, published on February 23, 2023, the French Audit Office (Cour des Comptes) takes stock of France’s anti-money laundering system.
While, like the Financial Action Task Force (FATF) in its latest 2022 evaluation report, the Cour des Comptes notes significant progress in the fight against money laundering, certain shortcomings persist.